Ethereum NFT Volume Surges Amid Symbolic Torch Event Ahead of 10th Anniversary

Key Points

1. Ethereum launched a symbolic NFT torch relay to commemorate its 10th anniversary, starting on July 20 and ending on July 30 with a commemorative NFT mint.

2. Ethereum's NFT market saw a 300% surge in trading volume over two weeks, reaching $75 million weekly, more than half of the total $140 million market volume.

3. ETH's price rose nearly 50% from $2,525 to $3,730 since early July, fueling renewed interest in NFTs.

4. Other blockchains like Bitcoin and Polygon also saw increased NFT activity, with Bitcoin-based NFTs doubling their weekly volume to $25.6 million.

5. Yuga Labs is shifting focus to its metaverse project Otherside by divesting intellectual property from Moonbirds, CryptoPunks, and Meebits.